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Framework for the preparation and presentation of financial statements
ias01-a13
Issued by IASC in July 1989
Adopted by IASB in April 2001
Framework covers the following topics
(1) Objective of financial statements
(2) Qualitative characteristics of financial statement information
(3) Elements of financial statements
(4) Capital and capital maintenance concepts
Users of financial statements
(1) investors
(2) employees
(3) lenders
(4) suppliers
(5) other creditors
(6) customers
(7) governments
(8) public
Objective of financial statements is to provide information about
(1) financial position
(2) performance
(3) changes in financial position
Underlying assumptions
(1) accrual basis
(2) going concern
Qualitative characteristics of financial statements
(1) understandability
(2) relevance
(3) reliability
(4) comparability
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International Accounting
Standards (IAS)